Add an insurance policy

1. At the Asset Management main menu, select Insurance | Insurance Policies. The Insurance Policies display screen appears.
2. Click Add . The Add Insurance Policy enter screen appears.
3. Fill in the fields as required.

   Insurance Companyis the insurance underwriter -- the company providing the policy. You can click on the Prompt button to select the insurance company from a list.

   Policy Numberis the number assigned by the insurance company to identify the specific policy.

4. Click Enter . The Edit Insurance Policy add screen appears.
5. Fill in the fields as required.

   Policy Categoryis the type of insurance coverage. It is used in the Risk Management (Claims Handling) system, and is optional. You can click on the Prompt button to select the category from a list. Possible values are:
   - Cargo - may be broken down into multiple policy types.
   - Employer's Liability - indemnifies against any liability for injuries, sickness, and disease suffered by employees.
   - Motor - may be broken down into multiple policy types.
   - Personal Accident & Business Travel - Personal Accident provides compensation for the death by accident of employees while working for you. Business Travel provides travel benefits for individuals (personal baggage, money, etc.) while engaged on business trips.
   - Public Liability - indemnifies against any liability for bodily injury and/or property damage to non-employees.
   - Property - indemnifies against fire and specified perils to buildings, contents, stock, machinery, and office equipment.

   Policy Typeis a sub-category. For example, a Motor category might have policy types of Motor - Direct; Motor - Contingent; Motor Traders Service Indemnity. A Cargo category might have policy types of Home Movers Insurance; Goods in Transit; Warehousing. It is used in the Risk Management system and is optional. You can click on the Prompt button to select the policy type from a list.

   Policy Excessis the policy deductible. It is informational only.

   Currencyis the currency that the policy excess is in. You can click on the Prompt button to select the currency from a list.

   Policy Start Dateis the date the insurance policy goes into effect. You can click on the calendar button to select the date.

   Expiry Dateis the date the insurance policy coverage will end. It can be left blank for an ongoing policy. You can click on the calendar button to select the date.
        Ongoing policies may be handled in one of two ways: The policy expiration date can be left blank, which will cause Enrich to never report the policy as expiring. Alternatively, an endorsement can be added to indicate that the policy is ongoing. Then, entering a review date into the expiry date field will cause Enrich to prompt a review of the policy as it approaches that date. When the user performs the review, the endorsement will be a reminder that the policy is truly ongoing.

   Cancellation Dateis the date the policy was cancelled, if appropriate. You can click on the calendar button to select the date.

   Companyis the company that the policy has been issued for. Only one of named insured Company or Customer can be entered. If there is more than one named insured company, you can enter one here and the rest through the Named Insured option on the Edit Insurance Policy Details display screen. You can click on the Prompt button to select the company from a list.

   Customeris the customer that the policy has been issued for. Only one of named insured Company or Customer can be entered. You can click on the Prompt button to select the customer from a list.

   Insurance Agencyis the insurance broker -- the company that serves as an agent between the insurance company and the named insured. It is optional. You can click on the Prompt button to select the agency from a list.

   Blanket Policyidentifies whether or not this is a blanket policy and/or whether only leases or rental agreements covered by this policy are blanket policies.
   - If you have Blanket Policy set to No, then both Lease and Rental will be schedule of units.
   - If you have Blanket Policy set to Both, then both Lease and Rental will be blanket policy.
   - If you have Blanket Policy set to Lease, then Rental will be schedule of units and Lease will be blanket policy.
   - If you have Blanket Policy set to Rental, then Lease will be schedule of units and Rental will be blanket policy.
        A blanket policy covers all units the policy owner has applied to the policy without the need for the policy owner to report the specific unit numbers to the insurance agent. These are typically more costly policies, and the premium is often based on the number of units on the policy at specific intervals.
        If the policy is not a blanket policy, it is a schedule of units policy. The schedule policy requires that the units on the policy be reported to the insurance agent as the policy owner applies them to the policy. It is the responsibility of the policy owner to report the addition of the unit to the policy. Enrich tracks the policies that require a schedule, reminds the user that the policy requires the addition of the unit to be reported (through the Unit option on the Edit Insurance Policy Details display screen) and compares the schedule of units in the insurance policy database to the active contracts to report any discrepancies.
        For Lease: When Rule 029-Ins Match on Sched A is set to Yes and Rule 010-Sched of Units Wdw (E=ERROR W=WARN) is either W or E, and Blanket Policy is set to Both or Lease, a warning that this contract is a schedule of units will come up if you are activating the lease.
        For Rental: When Rule 010-Sched of Units Wdw (E=ERROR W=WARN) is either W or E, and Blanket Policy is No or Rental, a warning that this contract is a schedule of units will come up if you are activating the rental.
        For Reservations: When Rule 010-Sched of Units Wdw (E=ERROR W=WARN) is either W or E, if Blanket is set to Lease, then that would imply that Rentals are schedule of units, so you should get the pop-up message when activating the Reservation and when turning it into a rental. If set to Blanket=No, then you should always receive the message. If Blanket is set to Rental or Both, then the reservation will be processed without the schedule of units warning.

   Government Policy- if checked, identifies that the policy is obtained through a government insurance agency such as ICBC in British Columbia. If the Asset Management business parameter Use Govt Policy Flag on Ins Policies is set to No, this field will be hidden.

6. Click Enter . The Edit Insurance Policy Details display screen appears.
7. Right-click on a section to be included on the policy and select Select. An asterisk will appear in front of the section.

   Insurance sections represent one of the supported types: endorsements, deductibles, or liabilities.

   Endorsements are sections within the policy that describe what is included and what type of policy this is. Examples of endorsements are:

   • blanket coverage - units need not be reported;
   • schedule of units - every unit must be reported as contracts are created, returned, and terminated.
   • short term rental - the policy covers units being rented for less than 30 days.
   • company as additional insured - the customer has placed the rental/leasing company on the insurance policy as an additional named insured.

   Deductible or damage sections contain a specific coverage for the damage of the vehicle and an associated deductible. Examples of deductible/damage sections are:

   • all perils - all damage is covered.
   • collision - damage caused by a collision is covered;
   • specific perils - a specific list of damage conditions is covered.
   • comprehensive - damage to windshield, etc. is covered.

   Liability sections define the maximum amounts for specific liabilities. Examples of liabilities are:

   • personal liability;
   • property damage.
8. Fill in the fields as required.

   Includedidentifies whether or not the section is available on this policy.

   Deductibleidentifies the deductible amount for the section, if appropriate.

   Liability Limitis the maximum liability of the section, in millions of dollars, if appropriate. This will be compared to the minimum liability requirement for each type of contract.

   Max NBVis the maximum net book value a unit of the specified type can have in order to be covered by the policy, if appropriate.

9. Repeat steps 7 and 8 for each section to be included on the policy.
10. Click Enter to save the policy sections.
11. Click Show All/Selected to view only selection sections.
12. From here you can add overrides, named insured, additional insured, units to the schedule of units, and enter insurance options.

Back to Insurance Policies